Short answer
Kodiak Gas Services, Inc. (KGS) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.3B (+12.8% year over year) and net income of $81M.
- Top risk flagged: Regulatory risk from One Big Beautiful Bill Act 2025 impacting U.S. tax law and permanently reinstating full expensing of qualified capital expenditures
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- +12.8% YoY
- Net income
- $81M
- +61.4% YoY
- Operating margin
- 26.0%
- +4.5 pp YoY
- EPS (diluted)
- $0.89
- +58.9% YoY
- ROE
- 6.7%
- +3.0 pp YoY
- Operating cash flow
- $600M
- +82.9% YoY
Source: XBRL data from the Kodiak Gas Services, Inc. (KGS) FY2025 10-K on SEC EDGAR. USD.
Kodiak Gas Services, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Operator of large horsepower contract compression infrastructure supporting natural gas/oil production and transport in key U.S. regions
- New emphasis on electric motor driven compression deployment under long-term fixed-revenue contracts to reduce emissions intensity
- Strategic positioning as market leader in Permian Basin with 82.8% assets deployed there and Eagle Ford Shale, focusing on customer-centric long-term contractual relationships
- Fleet comprised of 4.5 million total horsepower with 80% classified as large horsepower units (>1,000 HP); four largest customers represent ~32% revenue
- FY 2026 distinctive milestone: Completion of IPO July 3, 2023, with stock listed on NYSE under ticker "KGS"
Management Discussion & Analysis
- Concentrated operations in Permian Basin and Eagle Ford Shale, vulnerable to regional disruptions and supply-demand shifts
- Significant sales tax settlement of $28.0 million with Texas Comptroller impacting financial condition
- Acquisition of Distributed Power Solutions, LLC pending, with risks including integration costs and failure to achieve synergies
- Key risks: customer contract cancellations (9.0% month-to-month), competition, supply chain disruptions, and tightening environmental regulations
Risk Factors
- Regulatory risk from One Big Beautiful Bill Act 2025 impacting U.S. tax law and permanently reinstating full expensing of qualified capital expenditures
- Geopolitical exposure: 82.8% of compression assets deployed in Permian Basin and Eagle Ford Shale, subject to U.S. Gulf Coast LNG export growth and related energy policies
- Operational vulnerability from Texas Comptroller sales tax audit settlement, incurring $28.0 million in interest and penalties in 2025
- Competitive risk from customer shift to electric compression infrastructure, requiring adaptation amid some customers' emission reduction initiatives
- Financial risk from $2.6 billion long-term debt maturing between 2029 and 2035 with $211.2 million purchase commitments mostly due within 12 months
Generated from the filing text; verify against the original. How to read a 10-K
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